East Village apartments sell for $52.6M
A high-end apartment building in East Village has sold for $52.6 million, real estate tracker CoStar reported recently. Essex Property Trust of San Mateo paid $218,332 a unit from previous owners, Chicago-based Mesirow Financial. The 241-unit complex, named Form 15, opened in August 2014 and is on the corner of Market and 15th streets. The asking rent at the time of purchase was up to $1,952 for a studio, between $1,865 and $3,540 for a one-bedroom, up to $3,051 for a two-bedroom and $3,545 for a three-bedroom, CoStar said.
Community amenities include bike and surfboard storage, pool, rooftop deck, gym and dog run, according to Form 15’s website. The property also includes more than 8,000-square-feet of retail space on the first floor. Pacific Dental Services has rented roughly 2,000 square-feet of the building since January. Rent was higher for the complex than much of the region. Average rent was $1,618 a month in San Diego County in March, according to MarketPointe Realty Advisors, and rents have increased 2.79 percent in the last 12 months.
The high sale price has precedent in East Village, CoStar data shows. The 264-unit 13th & Market Apartments at 1330 Market St. sold for $54 million in December 2014; The 208-unit EV Lofts at 688 13th St. sold for $83.9 million in September; and the 207-unit Lofts at 707 10th St. sold for $141.8 million in June 2013.
Construction work on Form 15 by Holland Residential began in late 2013. It was built on the former site of the Disabled American Veterans thrift store, which was a focus of 2000 San Diego Union-Tribune article because an underground tunnel was discovered beneath it. The concrete and steel tunnel, now sealed off by the city, was believed to have been built in the 1930s or earlier. Baking trays, metal baskets, mess kits, and spent bullets and cartridges were found.
Source: San Diego Union Tribune